NF had a nice balance session with inside day auction in last session. We had a gap down today away from that profile and gone for lower balance in first session which could not sustain the gap then gone for closing the gap and probed VAH zone of last session then closed at dVAH..
Info from the day :
It was a profile with poor value area and anomalies all over in structure. Likely to get a repair of most of profile if we open inside range.
It had a clean lower value balance then got intra spike with mechanical support. Buyers from today should hold 17980-17990 zone and look for repairing upper disbn and then look higher..Failing to do so could retest today low zone.
That large balance we are talking about getting more wider now hence more whipped moves intra..Likely to continure for few more sessions as clearly fight for inventory taking place between different players in this balance range.
Violating 17950 swing support was expected to get more down move which didnt materialise..Another attempt there could push it down towards 17860/17820 before any bounce.
Trade scenarios for next session given below.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
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